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The art environment is diverse and constantly changing. Wealth planning with art offers many opportunities, but it is also quite nuanced. Acquiring, managing, valuing, and transferring art require thoughtful planning and the advice from trusted experts and advisors to realize the full value of individual works or a collection. For those who have an affinity for art, we explore the key considerations when it comes to incorporating art into your wealth planning and management—including the art relationship, the value of art, appraising art, transferring art, and selling art.

When you’ve made the decision to protect a collection through insurance, you want to be sure that coverage amount measures up to the value of your items. Determining proper values can be tricky, as so many variables impact a piece’s worth. Given the ever-changing market, values are in constant flux. That’s why professional appraisals are critical, and it is important to make an informed decision when choosing an appraiser.

Works of art are at great risk of being damaged during handling and transportation. To reduce the likelihood of loss, it is important to adhere to a stringent set of guidelines for every transit. Arrangements will differ in each situation, but following the recommended steps—including selecting a fine art specialty shipping company and reviewing your insurance policy regarding any limits on transit coverage—are components of every good transit protocol.

Whether your collection of paintings are decorative pieces or appreciative investments (or both), they can hold a tremendous amount of meaning and value. As to the decision regarding how and where to display your fine works of art, it’s important to identify and consider the many factors that could lead to a loss. All paintings—including oils, acrylics, pastels and other mediums atop canvas, wood, board or paper—require special care and consideration.

The term “passion investments” has gained currency within the wealth management arena to describe high-end collectibles and other luxury possessions that hold emotional as well as financial value for their owners. When considering that this new asset class has generated noticeable returns, it’s no surprise that owners want to protect their high-value assets. For any passion investment, it’s important to consider the insurance issues, specialized insurance policies, insurance coverage, and risk management best practices to protect these uncommon assets.